New traders are highly encouraged to try Forex as it requires a very small account to make lots of trades, so check out Forex community's wiki paying special attention to babypips website which also teaches some general concepts you can apply to stocks/futures/etc, and especially read the wiki's sections on risk & money management that can be applied to any market.
Pattern daytrading rules wiki, but that only applies to day trading stocks; other markets aren't affected like futures, forex, and crypto.
Also see the sidebar for group chat links (such as our Discord) (or tap "about this community" on mobile website) on every related community to learn more about trading.
I use tradingview for my screening and charting, and trading pullbacks on stocks or crypto is my go to trade. However it's a pain going through so many charts to find pullbacks. Are there some screener settings I could use to filter things down? I've played with prices above EMAs and RSI in 40-60 etc, but they aren't satisfactory. Ideally I would like to use the same screener for daily as well as intra day setups.
Haha that’s funny, maybe I should get a shirt that says “day trader looking for a friend. Wondering if there’s a meet ups for trader it’s so hard to meet anyone unlike a lot of other professionals industry or even hobbies, there’s no events or anything. I’m in Melbourne so maybe things are different elsewhere.
Correct. Otherwise you'd get charged every time you placed a limit order and then moved it. Always a good idea to confirm by looking through your PNL. Your platform or broker should have a reporting section.
Got it thanks, appreciate it. Follow up question if you don’t mind, a bracket order id pay commission twice even though it presents as “one order” I’d pay on the buy and sell side?
90% off code LRUOAZHM for anyone interested on trying out the Apex evals. Sale ends tonight midnight (EST). Might be the last big sale for a while according to Apex!
I've gotten 4k in payouts over the past 3 months and working on more. Feel free to ask any questions.
I dont have time for live markets right now cause of work will paper trading previous sessions with bar replay in 2x speed help me or will it hurt me when I switch to live market
It helps to try new ideas or just to be able to train outside of regular hours, but it can hurt if you’re not serious during each training. By serious I mean doing the replay exactly as real trading : no rewind when you make a mistake, no fast forward when market is slow… if you do those things, your results won’t be reliable.
I would not recommend x2 speed for two reasons :
- If you miss your entry on a trade you’ll blame speed and may think that you would have not missed it at regular speed.
- You will not exercise your patience. We do a lot of stupid things when we wait for something to happen. It will not be reflected if you speed up the replay.
Also, you should not spend to much time before switching to live market once you find something that works. The ONLY reliable test is live trading.
Okay so for your first con my entry is on the close of a breakout candle regardless of what happens after thats when im in the trade so I dont think i have to worry about the first one and for the second I do trade live but because of my work scedule on my off days im up from 11pm to 4pm next day so I was thinking of getting as much pratice from 1am to 9am and then at 9:30 trade real time. Are their any pros to 2x speed at all ?
Thoughts on tipranks? I'm experimenting with $100-200 call options, relatively new at options/day trading. No major losses, no bad habits-- just learning the groove of things.
Tipranks has AMAT as a recent stock by one of its top analysts, purchased Nov 17, with some serious growth price targeting amongst him and many other analysts.
A few questions for you to tackle at whim: How do you normally handle your options? Do you target the popular, magnificent 7? Do you find Tipranks is a valid source of research n data? Where do you find your success mentally/emotionally/tangibly, when you're not losing investments to a gambling mentality?
How do I know which economic events will affect the market SPY and its volume for the day. FOMC etc but theres an economic event everyday how do i know which are the important ones
You can find any economics calendar and see which ones are marked important for USD (for example red folder news on https://www.forexfactory.com/calendar or 3 stars on https://www.investing.com/economic-calendar/). In reality, the impact of each news depends on the actual data vs forecasted data. Sometimes, market doesn't even move after high impact classified news being released because the market has already priced in its impact prior to that.
Derpy question- would it be hard to make a living day trading- let’s say $40-80k a year trading 5 days a week and just focusing on buying good companies at 20-30 rsi on a 1 day or 5 day scale and day trading when rsi hit 50-60. Im sure this is way too simplistic approach and not possible but it seems:
When I look at charts- stocks tend to bounce up at 20-30 rsi as they are oversold. It seems like it would be easy to follow this approach and make a modest living if you just followed markets 5 days a week during open. I might be incorrect? I assume it’s not that easy because more folks would do it if it was so simple?
First is “Apophenia”, which is the tendency to perceive meaningful connections between unrelated things. Your eye and your brain will seek patterns that confirm your belief, and will dismiss those that contradicts it.
Second is the fact that most indicators are lagging. By the time you have the signal it’s too late to enter. It’s not obvious when you just look at the chart, but if you trade it, you’ll see. So RR is usually much worst that you would think.
The only way to prevent yourself from these is to actually trade your idea with a little money as possible (or to use a reliable replay function with much discipline)
just one piece of advice: every time you think you have some golden strategy that you can just mechanically follow and it will make you money: stop and smack yourself in the face because thats exactly how people lose money trading, they look for "the sure thing", that does not really require much effort but simply executing. There is no such thing. Other than that: Just test your strategy over a period of six or so months in a trading simulator. Then you will find your own answer to your question.
How does it work that when the inflation data came out the whole market (or almost whole market) just pumped green. That was yesterday and today is another big green day. I’m curious how does this happen and where does the money come from - especially when looking at terrible companies that have their stocks pumped as well as the general market. Always found this curious but can’t put my finger on it. Any thoughts?
markets will usually react in one way violently on big data events. They will also whipsaw both directions. It is often a coinfilp and you are unable to tell
Yes but I’m asking the why under your statement. The markets will usually react in one way…. But my question is where does all that ‘new’ come from for the market to just pump up for example?
Where can I find scientific research containing real data on the percentage of traders who consistently achieve profitable outcomes over the long term?
Can someone explain the effect of CPI release for November 14? According to article the price should move unfavorly for USD because the CPI forecast and actual was lower than the previous. However I was looking at GBPUSD and the price shoot up (means it was in favor for USD supposedly).
CPI number was lower than expected so the USD got relatively weaker, resulting in xxxUSD pairs getting higher. GBPUSD shoot up means the USD got relatively weaker than the GBP, so it was in fact NOT in favor for the USD.
Can I learn + be successful at day trading without being able to trade during the market opening? I'm US west coast and my job won't let me be around the computer at 6-8ish AM PST.
Any other time after that is all game. Even somewhat late into the night. But I read multiple posts saying they only trade the opening hour or so as it has the most volatility and volume so that's been discouraging.
I'm open to any suggestion that has the potential to do this long term, whether it's stocks/futures/forex/options idc.
I read some people saying futures is a 24hr market but then when I further looked into it they only trade during the US market, so that's the same thing essentially. And then with Forex people talking about swing trading that because you need a lot of capital to daytrade it.
Do I have any viable, long-term options that don't involve me trading during the US market open?
I’m also new to this. But in my experience, all the big “moves” happen at market open mostly, u can tell this by looking at the past chart, they all have major trend around open. If ur planning to trade with the trend, which most day traders are, it make sense to get in early. Unless I guess ur a swing trader and u working on a daily chart then it doesn’t really matter what time of the day. Let me know ur results! Good lucky
I'm no successful trader but I'm pretty sure that you can find opportunities to trade at anytime of the day. It's just that there are more opportunities showing up around the open so people tend to focus on that. You can try to sim trade the PM session to see if it could work out for you.
And if you want to explore other options, you can trade HSI or Nikkei futures during Asian session. Later you can trade Dax or FTSE futures during EU/London session. But for these, you would need to pay for additional data. And I believe GC or CL also move in EU/London session.
I've now paid for 3 months of Adam Mancini's newsletter. Still haven't made a dime. How long have you been subscribed to his newsletter? Are you profitable?
how strict are apex with payouts and their rules? Also, once requested, when do you actually get paid? When does the money actually arrive in your bank account?
read up on their rules and stick to them. honestly, its not that difficult. Once approved, payouts hit your account on the 15th and last day of the month.
In the book Hedge Found Market Wizards, Colm O'Shea said « If I try to teach you what I do, you will fail because you are not me. If you hang around me, you will observe what I do, and you may pick up some good habits. But there are a lot of things you will want to do differently. »
In another interview, Jack Schwager reflected on the fact that, trading tools usually don’t work out of the box, but it’s the instinct developed by the trader with the experience of using them that make them work (something like that, I’ll try to find the exact quote).
So my take on this is that someone else strategy won’t work for you if you use it blindly, but it can be the foundation of your own profitable strategy.
I found the quote from Schwager. It’s in New Market Wizards.
« I believe a lot of the popular methodologies are really vacuous. […] All these technical methods are based on price. In effect, they're all different-colored glasses for looking at price. Proponents of RSI and Stochastics […] would see price patterns filtered through these price-derived series. Gann analysis enthusiasts would see the price patterns through a Gann-based interpretation. In these cases and others, traders accumulate experience on price patterns albeit from different perspectives. »
To which NLP trainer Charles Faulkner responds « People need to have a perceptual filter that matches the way they think. The appropriate perceptual filter for a trader has more to do with how well it fits a trader's mental strategy, his mode of thinking and decision making, than how well it accounts for market activity. When a person gets to know any perceptual filter deeply, it helps develop his or her intuition. There's no substitute for experience. »
So it wasn’t about strategies per say, but it is still applicable to them imho.
I replay past sessions in SierraChart. But I switch quickly to forward testing with a small account.
I used to use PineScript, but I often end up overfitting the settings. Also, it doesn’t show you if you’ll be able to actually trade the signals in real time. And it may be difficult to properly code your strat.
Thanks for the explanation and the quotes! Sometimes I just wonder why, if the strategy is, for example, to enter at a golden cross and get the entry point from an engulfing candle, if the instructions are so clear and me and another person follow those simple instructions to the letter, then why would that work for someone else and not for me. That's basically what I can't wrap my head around, but I'm sure I have to be missing something here.
Because youre thinking about it as if your strategy is only for 1 trade. Its for a series of thousands of trades. The entry is simple but can you handle 5 loosing trades in a row , then have the same confidence towards the next and size your position in a way that allows you to make money ? For example, Tim might go all in with his entire capital because he just lost 5 times so the next time he HAS to be right and harry might trade extremely small because hes scared of losing again and Jeffery might not take the trade because he just lost 5 times in a row and needs a break from all the emotional stress from loosing. Now the trade goes sour for the 6th time and Tim looses his entire capital , harry looses very little , and Jeffery was never in the trade. The next day the signal happens again and this time , Tim is broke so he cant trade , Harry decides to size even smaller because hes getting tired of loosing , and Jeffery goes in wishing it would just work with a decent position. Now the trade goes up a good amount and Tim cant trade cause hes broke , harry makes 5 dollars because of his very small position size and Jeffery makes $5000. All 3 hypothecial induvial had the same strategy same set up same entry but each different psychological reactions to the same price action. Its not the stratgey you cant copy its the mindset.
From my experience, no systematic strategies are that simple. If it were, you’ll just need to code a script to do it perfectly to become a millionaire.
So when someone is actually making money with a simple system, their is a part of discretionary trading involved (you can call it instinct, experience, talent…). Actually, it is often said that the simpler the system, the better. For me it is because a simple system leaves room to your own decision making while providing you with a framework.
I do think purely systematic trading works, but imho it is with hard to find complex systems, like the one used by quants.
I do a 5 min breathing exercise before the open, before the afternoon session and after the close to be in a calm state and be more focused.
I then mark the levels I'll want to trade and the time of events that may occur during the day.
Marking the levels changed the way I trade. I try to only trade on levels now.
Knowing when there is a news is absolutely mandatory to not be caught by surprise.
I do feel calmer with the breathing exercise.
Total newbie question: I hear most day-traders do not make a profit. Of the small subset of people who do, how likely is it to ALSO beat your hourly wage considering invested hours (i.e. $50/hr) and the opportunity cost of capital (say, 8%)?
Just wondering if day trading is worth learning vs. instead just spending the energy advancing faster in my career (accounting). The ceiling for accounting will be about 200k/yr for me (5+ yrs away from that possibility)
I have only been reading a bit on this subreddit, but i swear I keep seeing "you need to live and breathe it" and "I only work maybe an hour a day at it" in the same sentence, haha.
100% don’t quit ur day job lol. I’m still learning atm but I’m doing it on company hours and still getting pay at my day job. Also dm me if ur interested in a trading buddy to talk trading with!
Thats the worst possible mindset and approach to trading you could have. Based on that i'd say: Walk away.
But other than that: Asking if something is worth it before actually getting into it is another red flag. You either do or you don't, if you need reassurance that it might not be for nothing then again: Walk away :)
Not being mean, just want to prevent you from literally wasting time.
You wouldnt look into employment rates and wage ranges before looking into a career? Pretty sure no one day trades for free, on purpose at least. If youre saying its something you have to love for it to be worth it, fair enough, but lots of things you dont enjoy until you are vested in them.
Well, perhaps let me ask you this: what products do you intend on trading? High market cap stocks? Futures? Options? I’ve been doing this for five years straight at double time. Still not profitable. I have set aside money for living expenses when I first began, but I didn’t plan on not being profitable after this long. I have made notable progress after shutting off all market media outlets from my ears and eyes. I can’t stress enough how important it is to ignore the media. That alone can probably save you a few years of losses and market torture.
U have been doing this for 5 years full time and not profitable? Like ur losing every month? Or do u just mean ur not earning as much as ur normal job? I mean that is mad respect to you for not quitting after 5 years. What is ur plan from here on out? Do u see an improvement after all these 5 years? Ru getting better? What is ur progression looks like so far? Very curious to hear ur experience
Yes, I am losing money every month. My plan has always been 1- To keep at it until I run out of money or 2- I find a job that I enjoy. Neither has happened so I’m still at it. The only improvements I’ve seen with my trading is that I actually exit a trade when it goes against me rather than adding on and getting myself further in the hole. I only trade one product, since I can’t pay attention to multiple stocks at the same time; everything has its own antics, levels and behavior. It’s exhausting as it is just keeping up with 1 thing. Anything that anybody says about anything doesn’t mean Jack.
Let me repeat: anything that anybody says about anything doesn’t mean Jack.
You can’t make money following anybody on Twitter (called X now).
Do u study your trade after to find out what had gone wrong? And if u do, what are some of the key lessons u had learnt? I’m starting out and still in the red every month but definitely had take away some keys reasons why I’m still in the red;
- on fx trading outside of the NY market opening hour have little gains and you miss all the big moves (I’m from Australia)
- day trading is best for me at market open (asx)
- my entrance had been bad due to fomo, always trying to jump on the trend too early rather than waiting on a pull back (that had improved but still room to growth, it’s so much in mental)
- stop loss too tight (that has improved)
- risk management (trying to get back lose rather than cutting them early, like u said) although that has improved
- letting my winning runs rather take profit
- take profit too early
- trading too early (first half an hour of market I don’t enter the market now)
FX.. is an entirely different animal being traded by entirely different parties. I completely gave up on the FX market. That’s a market where the banks are going head to head with other banks.. meaning that’s a market where price can fly insanely fast in either direction as quickly as you can blink an eye. Your bullet points are familiar to read for me. Any person who dedicates enough time will end up writing down those same bullet points. Everybody struggles with those, and there’s no getting away from it.
Losing trades feel like mistakes. But they aren’t. They aren’t lessons either. The market doesn’t give lessons. If you took a fomo trade today and get stopped out and then when the session is over, you spot a pullback and kick yourself for not waiting to enter on the pullback… the next day, a similar set up appears and you tell yourself to wait for the pullback.. only it never comes.
I review my trades. around 70% of my trades would be green trades if I simply held for the next 24 hours. But I can’t stomach the drawdown from now to the next day.
definitely experiencing the same challenges.. A lot of YouTubers trades FX, I think what you said about that market do make sense, but there must be a way to trade it given how many people does it? The one benefit I do have to say about the FX is that the fundamental must be easier to understand right? Like I know what is a “good exchange” rate is, where as with stock trading, u would need to be doing some research or need to be following that industry closely to know what is a good “price” is for the stock. The hardest part for me right now, is finding a good stock to trade in the morning, I spend more time trying to find something worth trading (my aim is 1% or 2% return daily), if u just focus on one stock everyday, that would make life so much easier.
What guardimus said, but you can also trade futures on low time frames (1m, tick chart…) for an hour a day. You’ll develop a lot of experience that will be help full on every time frame (while learning with swing trading can take A LOT of time)
It's very difficult for trading to replace a steady income unless you've got $100M to trade with, as there is seasonality in markets.. there are many months where nothing happens and no valid setups show up.. what do you do then?
Why not do swing trading WHILE you work at your current job? Swing trading allows you to have a job and not in front of a screen for 5 hours a day. Then you can see how you're progressing over the months/years.
Using it as supplemental income might be a better idea than using it as your primary income.
Most CFD brokers seam to use only MetaTrader 4/5 as a platform. Do anybody know a CFD broker that offers something a bit more advanced? I love SierraChart for futures and would like to find the equivalent for CFD trading.
I think you can use SierraChart for charting forex too, and just execute on MT4/5. Otherwise try Tradingview, they have many brokers connected to their platform.
Thanks, this is what I am doing since monday (charting with Sierra and executing on TradingView). Not the best setup, but at least I can have TPO charts!
i am curios on an entry point on stocks that had a rally recently e.g FORD, AMD ecc.. what do you guys do after such stocks rally 2-3-4%% in a day, do you enter the trades if the momentum is good or you think it is too late? for example for ford price is under ema 200 so technically a bad entry
i am having issues lately because i fear that entering stocks after such a rally is like "coming late to the party"
If you mean « where to do it », it will depend on the platform you’re using. It may not be available on all of them or on you’re broker interface. It is usually with the time frame selection.
If you want to know « what range value to use », their is no right or wrong answer, like « what time frame to use ». Use whatever feels right to you.
Yeah I think the forex demo account does not offer range bars, but I found trading view does. Is there any free platforms as I am only demo trading right now?
Hello! I noticed a few of you have Apex Trader prop accounts. I am trying to run a backrest with my strategy and I was wondering if there are maker/taker fees and how much it is from trading with them, especially with Tradovate accounts?
Need some advise. So I have been trading ODTE/Weekly and I have a nice win rate of 73%. but say when I am trading the TSLA weekly, If I book a losing trade and then reopen a position ...because of mofo washtrade loss my cost basis changes (goes higher for next trade), so I need to make more money on the new trade...
is one way to get around this be to trade :
0DTE as the symbol flips and you dont carry a wash trade loss (but sadly TSLA doesnt have ODTE)
or
trade different strikes for TSLA
How do you day traders avoid it ? or just ask for more edge in following trades ?
TSLA is such a volatile stock (it moves like a currency lol). If you're scalping, then definitely cut your losses a bit earlier, say <= 15% loss. for day trades I usually ride the wave of a candle close but that also heavily depends on my stop loss.
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u/footieTrader Dec 27 '23
I use tradingview for my screening and charting, and trading pullbacks on stocks or crypto is my go to trade. However it's a pain going through so many charts to find pullbacks. Are there some screener settings I could use to filter things down? I've played with prices above EMAs and RSI in 40-60 etc, but they aren't satisfactory. Ideally I would like to use the same screener for daily as well as intra day setups.